{"id":10371,"date":"2025-01-29T19:32:11","date_gmt":"2025-01-29T19:32:11","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=10371"},"modified":"2025-01-29T19:32:11","modified_gmt":"2025-01-29T19:32:11","slug":"hong-kong-authorities-issue-two-new-crypto-licenses-bringing-total-to-nine","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=10371","title":{"rendered":"Hong Kong Authorities Issue Two New Crypto Licenses, Bringing Total To Nine"},"content":{"rendered":"<div>\n<p><span style=\"font-weight: 400\">On 27 January 2025, Hong Kong\u2019s Securities and Futures Commission (SFC) granted operational licenses to two Hong Kong-based crypto exchanges, PantherTrade and <a href=\"https:\/\/www.prnewswire.com\/apac\/news-releases\/yax-receives-digital-asset-trading-platform-license-from-hong-kong-sfc-302360675.html\" target=\"_blank\" rel=\"nofollow\">YAX.\u00a0 <\/a><\/span><\/p>\n<p><span style=\"font-weight: 400\">This brings the total number of licensed platforms to nine since the SFC\u2019s licensing regime was launched in mid-2024.<\/span><\/p>\n<p>Commenting on the development, <span class=\"xn-person\">Kelvin Liu Kai<\/span>, CEO of YAX said, \u201cWe have been granted the virtual asset trading platform operator license from the Hong Kong SFC, a recognition of the strength of our company. In the future, we will focus on enhancing trading speed, reducing custodial risks, and ensuring transparency and security in the trading process to create the best trading experience possible for our users.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hong Kong is advancing its position in the global cryptocurrency market by issuing its first crypto exchange licenses of 2025, increasing the total to ten, reflecting a growing regulatory acceptance of digital assets.<\/p>\n<p>This development aligns with Hong Kong&#8217;s strategic move to\u2026 <a href=\"https:\/\/t.co\/j05f1gAA1d\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/j05f1gAA1d<\/a><\/p>\n<p>\u2014 CryptoTvplus (@Cryptotvplus) <a href=\"https:\/\/twitter.com\/Cryptotvplus\/status\/1884625041498702230?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">January 29, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>Explore: <a href=\"https:\/\/99bitcoins.com\/news\/hong-kong-expands-crypto-footprint-with-licenses-for-four-more-exchanges\/\" rel=\"bookmark\">Hong Kong Expands Crypto Footprint With Licenses For Four More Exchanges<\/a><\/strong><\/p>\n<h2><strong>Hong Kong SFC Initially Aimed To Issue Licenses To 11 Crypto Service Providers\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">While PantherTrade is affiliated with Cheetah, a Chinese internet company, YAX operates as a subsidiary of Tiger Brokers Hong Kong Global Limited.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The addition of PantherTrade and YAX brings the total number of licensed VATPs in Hong Kong to nine. Other previously licensed platforms include OSL, HashKey, HKbitEX, Accumulus GBA Technology, DFX Labs, <\/span><a href=\"http:\/\/ex.io\/\" target=\"_blank\" rel=\"nofollow\"><span style=\"font-weight: 400\">EX.IO<\/span><\/a><span style=\"font-weight: 400\">, and Thousand Whales Technology. <\/span><\/p>\n<p><span style=\"font-weight: 400\">However, six additional applicants are still undergoing review for potential licensing. Among these are notable names like WhaleFin Markets, HighBlock Technologies, and Flying Hippo Technologies.<\/span><\/p>\n<p><span style=\"font-weight: 400\">These approvals are part of the SFC\u2019s broader strategy to enforce a robust regulatory framework for virtual asset trading platforms (VATPs), ensuring compliance with stringent standards for investor protection, cybersecurity, and operational transparency.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The SFC initially aimed to issue licenses to 11 crypto service providers by the end of 2024. <\/span><span style=\"font-weight: 400\">However, delays in the review process pushed this target to early 2025. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Regulatory hurdles have been a persistent challenge for Hong Kong\u2019s licensing regime, causing the region to lag behind competitors like Singapore, which issued twice as many crypto licenses in 2024.<\/span><\/p>\n<p>Meanwhile, Singapore granted 13 cryptocurrency licenses to major industry players, including OKX, Upbit, Anchorage, BitGo, and GSR, in the past year. This marked more than double the licenses issued by the city-state in 2023.<\/p>\n<p><strong>Explore: <a href=\"https:\/\/99bitcoins.com\/news\/hong-kong-accelerates-crypto-regulation-with-mandatory-reporting-framework-by-2026\/\" rel=\"bookmark\">Hong Kong Accelerates Crypto Regulation With Mandatory Reporting Framework By 2026<\/a><\/strong><\/p>\n<h2><strong>Limited Cryptocurrency Options<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Currently, only four cryptocurrencies\u2014Bitcoin (BTC), Ether (ETH), Avalanche (AVAX), and Chainlink (LINK)\u2014are legally available for trading on licensed platforms in Hong Kong.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Hong Kong\u2019s VATP licensing regime was introduced in June 2023. It was a a part of its broader strategy to establish itself as a global leader in digital asset trading. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The framework requires platforms to meet stringent compliance standards, including risk management protocols and operational transparency. Operating an unlicensed VATP has been a criminal offense since June 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The SFC also maintains an \u201calert list\u201d of unlicensed or suspicious platforms targeting Hong Kong investors.<\/span><\/p>\n<p><strong>Explore: <a href=\"https:\/\/99bitcoins.com\/news\/hong-kong-to-fast-track-crypto-licensing-as-market-competition-escalates\/\" rel=\"bookmark\">Hong Kong To Fast-Track Crypto Licensing As Market Competition Escalates<\/a><\/strong><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/hong-kong-authorities-issue-two-new-crypto-licenses-bringing-total-to-nine\/\">Hong Kong Authorities Issue Two New Crypto Licenses, Bringing Total To Nine<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On 27 January 2025, Hong Kong\u2019s Securities and Futures Commission (SFC) granted operational licenses to two Hong Kong-based crypto exchanges, PantherTrade and YAX.\u00a0 This brings the total number of licensed platforms to nine since the SFC\u2019s licensing regime was launched in mid-2024. Commenting on the development, Kelvin Liu Kai, CEO of YAX said, \u201cWe have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-10371","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10371"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10371\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}